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November 2006/2

  • Stephen Way has resigned from HCC Insurance Holdings, the company he founded in 1974, following a company investigation over its stock-option granting practices.
  • RK Harrison Insurance Brokers Ltd, the independent London market brokers, will appoint the former Jardine Lloyd Thompson Group executive Dominic Collins to replace its retiring executive chairman, Richard Corfield.
  • Oxygen Holdings plc, the London market intermediary backed by high profile figures such as ICAP founder Michael Spencer and former Marsh president Bob Clements, has continued the expansion of its broking operation with the acquisition of the business of S
  • German reinsurer Hannover Re reported a “gratifying” third quarter result in which the group posted net income of EUR123.5mn.
  • Bermudian (re)insurer Max Re Capital Ltd today (14 November) announced that acting chairman and CEO W Marston Becker has been permanently appointed to the position.
  • Bermudian (re)insurer Allied World Assurance Co (AWAC) bounced back from 2005’s third quarter loss of $283.4mn with a strong $114mn contribution.
  • Troubled Bermudian reinsurer PXRE reported a small third quarter net profit last week (8 November) as it said it continues to look for alternatives to what looks to be an increasingly inevitable slide into run-off.
  • OneBeacon Insurance Group Ltd debuted on the New York Stock Exchange last Thursday (9 November) at $26 a share. The initial public offering saw the US insurer raise around $600mn, with the majority of proceeds from the float flowing into Bermudian parent
  • American International Group (AIG), the world’s largest insurance company by value, was the latest firm to unveil strong third quarter results on the back of a benign 2006 claims environment.
  • The legal wrangle surrounding contract wordings for the electronic claims file (ECF) has been resolved as the Market Reform Group (MRG) has reached agreement with key market bodies on the procedural rules which will underpin the use of the Insurers' Marke
  • Expanding Italian (re)insurance giant Generali last week (9 November) reported consensus beating third quarter earnings of EUR538mn that were 23.1 percent up on the prior-year period.
  • Zurich Financial Services (ZFS) has appointed the head of Royal Bank of Scotland (RBS) Insurance Annette Court to become the chief executive of its European General Insurance operations.